Founder and namesake Charles Schwab and CEO Walt Bettinger have been seeking to assuage concerns about Schwab’s outlook, after investor attention turned to...
“While the first quarter was a challenging time, for sure, reflecting negative investor sentiment, ongoing interest rate hikes, and regional banking turmoil, Schwab’s client-centric growth model remains firmly intact and is performing well,” Schwab and Bettinger wrote in their statement.
Though Schwab is known largely for its brokerage, the company’s bank operations are pivotal to its health. Schwab’s bank — one of the country’s largest — faces another problem as interest rates spike. Investors looking for higher returns on idle cash are increasingly seeking out products like money market funds, where they can earn much more interest than what’s offered in other types of Schwab cash accounts. Schwab and Bettinger referenced that behavior in their note.
“That trend eventually reaches a plateau,” the executives wrote, adding that Schwab investors tend to keep 5% to 10% of their overall assets at the company in easily accessible “transactional cash.”
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